LeClaire files for bankrupcy

Jon LeClaire is more than $15 million in the hole, according to the T&G.

Statement in the T&G story:

“I have grown up and spent my entire business life in this area. My companies have built many homes and employed many people over a long period. I never anticipated the economic conditions that we now face in this area,” said Mr. LeClaire in the statement e-mailed to the Telegram & Gazette. “It has become impossible to obtain credit; demand and values have plummeted. After great effort to work our way out of this situation, we finally concluded that we had no viable options. Because of the decline of the value of real estate that we were developing and the lack of credit to further develop these projects, I am faced with loan deficiencies on various projects that presented the likelihood of insurmountable personal liability for me. This led to my filing. We will continue to cooperate as best we can with the lenders involved as they seek to maximize the value of these projects and minimize their losses.”

Also of note: his home on Fitzpatrick has dropped to $2.7 million, down from the original $3.5 million.

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One thought on “LeClaire files for bankrupcy

  1. It is a sad day indeed. I feel bad for the Leclaire family because no one wants to go through bankruptcy, I feel bad for the vendors who supported Mr. Leclaire that have yet to be paid for work and materials already provided and I feel bad for me as a homeowner in one of Mr. Leclaires unfinished developments.

    Now is not a time to point fingers because that will get all of us no where. Now is the time to look for a solution that preserves our home values and ensures that the neighborhoods are maintained to a safe and respectable level.

    Mr. Leclaire is no longer a factor in any of his unfinished neighborhoods so the question is what now? How can we come together and overcome this issue. I for one will take a proactive approach with the city and the planning board to make sure my rights are preserved and that I am helping the cause and not taking away from it.

    Just my two cents.

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